22nd Jun 2016 16:57
LONDON (Alliance News) - LED International Holdings Ltd on Wednesday reported a wider pretax loss in its last financial year after finally posting its delayed results.
The LED screen manufacturer's shares are currently suspended due to it failing to publish its results for the year ended June 30, 2015, before the end of that year. It said this was because of "a number of issues out of control of the board".
LED International said its pretax loss in the year widened to HKD31.6 million from HKD8.5 million the year before, as revenue fell to HKD7,000 from HKD33,000.
It said a decrease in operating revenue was mainly brought about by "the set off of the inception of the first leasing finance contract with Siyuan and provision for impairment against the leasing contract receivable".
The company will publish its results for the first half of the current year during the first half of July.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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